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loanDepot Leaves Wholesale Mortgage Space, Cuts Jobs

loanDepot has announced that it is exiting the wholesale channel as it posted a $223.8 million net loss for the second quarter.

loandepotThe nonbank mortgage lender said the move would help with its “strategy of becoming a more purpose-driven organization with direct customer engagement throughout the entire lending process.”

loanDepot also said it is speeding up planned job cuts and expects to end the third quarter with fewer than 6,500 employees, down from about 11,300 at year-end 2021 and about 7,400 at the start of August.

Read the announcement from loanDepot.

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